The real issues in Boracay

[ Journal.com.ph ] February 15, 2008

So many issues have been cropping up regarding Boracay Island, but with the drafting of the Boracay Comprehensive Master Development Plan by world-class planners Palafox and Associates commissioned by the Philippine Tourism Authority, tourists, businesses, and residents are expecting to see a brighter future for the premiere tourist destination.

“To ensure Boracay’s stature as the best beach in the world, we in the PTA made sure that the development plans, which included neighboring Carabao Island and the municipalities of Nabas, Buruanga, and Caticlan, were environmentally sound and ecologically considerate. It seems too narrow-minded to look at and plan only for Boracay when we all know its proximities will always be affected by whatever development we bring onto Boracay Island...,” rejoined Mimi del Rosario, Boracay Environmental Infrastructure Project engineer, when asked about the different issues besetting Boracay Island. > > > [ full story ]
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World Bank sets aside $7M for conservation of 11 sites

Vol. XXI, No. 140 [ Business World Online ]
Friday, February 15, 2008 | MANILA, PHILIPPINES

DAVAO CITY — The World Bank’s Global Environment Facility (GEF) has set aside $7 million for the preservation of 11 sites in Mindanao. The funding will form part of the $90-million Mindanao Rural Development Program, which the bank is supporting and whose primary goal is to address poverty on the island.

In a program statement, the $7 million fund would support seven sites in Western Mindanao, two in the Caraga Region and two others in the Autonomous Region in Muslim Mindanao.

In Western Mindanao, the projects are in the towns of Olutanga, Mabuhay and Talusan in Zamboanga Sibugay; Vencinzo Sagun and Margosatubig in Zamboanga del Sur; and Sibutad and Rizal in Zamboanga del Norte. In Caraga, the identified municipalities are Marihatag and San Agustin and in the autonomous Muslim region, the towns of Lamitan in Basilan and Datu Blah in Shariff Kabunsuan. > > > [ full story ]
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Two hydropower firms to invest $800M in Mindanao

Friday, February 15, 2008 [ Philstar.com ]

By Donnabelle L. Gatdula

Two local hydroelectric power firms are planning to invest up to $800 million in Mindanao to help augment the island’s growing power requirements.

Normeco (Northern Mindanao Electric Cooperative) Hydro Corp. and Mindanao Hydro Corp. said they intend to pour in around $300 million and $500 million, respectively, for these projects.

Cerael Donggay, project director of the two firms, said Normeco will start building a 150-megawatt hydropower plant within the year to be completed by 2013.

The Normeco hydropower project, he said, will need between $230 million to $300 million capital. > > > [ full story ]
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Your Comment on Proposed Regulation on amending the place of payment of capital gains tax, CWT and DST of Large Taxpayers

The BIR and the DOF has come up with a proposed regulation amending the venue of tax payments involving real estate transactions of large taxpayers, submit your comments by clicking on the Draft IRR:

Amending the venue for the payment of Capital Gains Tax, Creditable Withholding Tax and Documentary Stamp Taxes due on transactions involving real properties owned by taxpayers classified as large taxpayers pursuant to RR No. 1-98, as amended, thereby amending for this purpose pertinent provisions of RR No. 8-98. Draft RR

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BIR Forms in Real Estate

Quick Find for Your BIR Forms

• BIR Form No. 1904

Application for Registration for One-Time Taxpayer and Persons Registering under E.O. 98 (Securing a TIN to be able to transact with any Government Office)

• BIR Form No. 1706

Capital Gains Tax Return for Onerous Transfer of Real Property Classified as Capital Asset (both Taxable and Exempt)

• BIR Form No. 2000-OT

Documentary Stamp Tax Declaration/Return (One Time Transactions)

• BIR Form No. 1606

Withholding Tax Remittance Return (For Transactions Involving Real Property other than Capital Asset including Taxable and Exempt)

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BIR Directory - National, Regional and District

BIR National Office

BIR Regional Offices

BIR District Offices


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Source : www.bir.gov.ph

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BIR REGULATIONS and ISSUANCES Affecting Real Estate

Revenue Memorandum Circular No. 58-2008

clarifies the time within which to reckon the redemption period on the foreclosed asset and the period within which to pay Capital Gains Tax or Creditable Withholding Tax and Documentary Stamp Tax on the foreclosure of real estate mortgage by those governed by the General Banking Law of 2000 (Republic Act No. 8791), as well as the venue for the payment of these taxes. [ August 15, 2008 ]

Revenue Regulations No. 4-2008

Amends the venue for the payment of Capital Gains Tax, CreditableWithholding Tax and Documentary Stamp Taxes due on onerous transfers of real properties owned by taxpayers classified as large taxpayers

RMC No. 72-2007

Circularizes the full text of Administrative Order No. 186 directing the City Assessor, Municipal Assessor and Provincial Assessor to annotate in all Tax Declarations the serial number of the CAR issued by the BIR

RMC No. 76-2007

Prescribes the additional mandatory documentary requirements for one-time transactions involving transfers of real property

RMC No. 27-2006

Publishes the full text of Executive Order No. 525 issued by the President of the Philippines entitled "Creating a Special Task Force to Investigate Irregularities Committed in Relation to the Payment of Taxes in Transfers of Titles of Real Properties and For Other Purposes."

RR No. 17-2003

Amends further pertinent provisions of RR Nos. 2-98, 8-98 and 13-99, as amended, by providing for additional transactions subject to Creditable Withholding Tax and re-establishing the policy that the Capital Gains Tax on the sale, exchange or other disposition of real property classified as capital assets shall be collected as a Final Withholding Tax

(published in Manila Bulletin on May 8, 2003)

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Knowing the BIR Regulations and Issuances

Revenue Regulations (RRs) are issuances signed by the Secretary of Finance, upon recommendation of the Commissioner of Internal Revenue, that specify, prescribe or define rules and regulations for the effective enforcement of the provisions of the National Internal Revenue Code (NIRC) and related statutes

Revenue Memorandum Orders (RMOs) are issuances that provide directives or instructions; prescribe guidelines; and outline processes, operations, activities, workflows, methods and procedures necessary in the implementation of stated policies, goals, objectives, plans and programs of the Bureau in all areas of operations, except auditing.

Revenue Memorandum Rulings (RMRs) are rulings, opinions and interpretations of the Commissioner of Internal Revenue with respect to the provisions of the Tax Code and other tax laws, as applied to a specific set of facts, with or without established precedents, and which the Commissioner may issue from time to time for the purpose of providing taxpayers guidance on the tax consequences in specific situations. BIR Rulings, therefore, cannot contravene duly issued RMRs; otherwise, the Rulings are null and void ab initio

Revenue Memorandum Circular (RMCs) are issuances that publish pertinent and applicable portions, as well as amplifications, of laws, rules, regulations and precedents issued by the BIR and other agencies/offices.

Revenue Bulletins (RB) refer to periodic issuances, notices and official announcements of the Commissioner of Internal Revenue that consolidate the Bureau of Internal Revenue's position on certain specific issues of law or administration in relation to the provisions of the Tax Code, relevant tax laws and other issuances for the guidance of the public.

BIR Rulings are official position of the Bureau to queries raised by taxpayers and other stakeholders relative to clarification and interpretation of tax laws.